Karl Stefanovic to return to Today show following major pay cut

Karl Stefanovic is rumoured to be making a return to the Todayshow a year after he was famously axed from the Channel Nine breakfast program.

WATCH: Karl Stefanovic ridiculed over 60 Minutes segment on sharks

Network Nine CEO Hugh Marks allegedly wants to rehire the popular tv host to improve the show's dismal ratings, according to The Australian.

The 45-year-old will reportedly face a large pay cut (a significantly lower salary than he had over the 14 years he worked on the Today show). While the star has one year left on his contract and is sitting at an excess of $2m a year, he will be forced to give up "hundreds of thousands of dollars" to return to the program, the publication reports.

Karl Stefanovic is rumoured to be returning to the Today Show in 2020.

Channel 9

Stefanovic is also likely to co-anchor the program with fellow 60 Minutes reporter Allison Langdon in the all-new team. The pair worked together during the coverage of Prince Harry and Meghan Markle's wedding in 2018.

If the change is confirmed, Stefanovic and Langdon will replace Georgie Gardner and Deb Knight, who have faced low ratings throughout 2019. Last Friday, the Today show sank to an all-time low of 155,000 viewers in five capital cities, according to The Australian.

Georgie Gardner and Deb Knight have faced record low ratings hosting the Today show in 2019.

There is speculation that Kruger will host a number of prime-time roles - meaning she could return as the host of Big Brother. As a result, her roles on Nine's Today Extra and The Voice will be free for the taking for Knight and Gardner.

Sonia Kruger may leave her role on Today Extra to join Channel Seven.

Channel Nine

In the instance of Stefanovic rejecting the offer, Nine may look to Langdon’s WeekendToday co-host David Campbell or possibly even radio star Ben Fordham.

Instead, Stefanovic would continue to serve out the final year of his contract on 60 Minutes.